Cryptocurrency Market Analysis [Issue for September 8]

Bitcoin has fallen sharply from last week's 1,240,000 yen and is currently at 1,070,000 yen.

This factor is linked to a DeFi asset,

the cryptocurrency called

SUSHI, and many investors have invested in SUSHI

, while reports circulated that the operators dumped it, causing the market to crash all at once.

At present, there is movement toward resolving

SUSHI issues.

Since June, especially

DeFi assets

have heated up, and a style of depositing cryptocurrency to earn interest

has increased.

Among such things, unstable assets have also been used as speculation, which

ended up being the cause of this crash.

That said, even for Bitcoin, within a six-month span it rose from 500,000 to 1,200,000 yen, so a correction here would not be surprising.

Bitcoin daily chart

The current price is around the high levels from May to June.

It also coincidentally matches the price before the March 2020 crash.

(Probably not a coincidence.)

However, it is not that the price will stay here forever, so it is expected to move upward or downward.

Since it is the summer doldrums period,

normally, the price would linger and gradually decline.

Bitcoin major support levels are as follows.

· 1,070,000 yen

· 1,000,000 yen

· 950,000 yen

· 900,000 yen

Key numbers are in focus.

Be mindful of these levels for investment reference.

I will look at Bitcoin’s weekly chart.

This year, from the 500,000 yen crash, a clean trend line can be drawn.

Right now, price is exactly on the trend line, so a rebound is expected normally, but given the timing, I’m watching to see what will happen.

Also, the area encircled in red shows the market that peaked at 1,500,000 yen at the end of June last year.

From June to December, the price has gradually declined.

This time too, there is a possibility of a gradual decline, but at some point the price is expected to shift upward.

As for Bitcoin, the current financial crisis is a tailwind and it remains influential.

Detailed chart analysis is here

https://bitcoin-newstart.com/btcnews0907

【Ethereum still in an uptrend】

Ethereum recently recorded the 2020 all-time high of 50,000 yen, and now

the price is at roughly the 2019 peak level.

Ethereum weekly chart

As for Ethereum, it is expected that

in the future Bitcoin and Ethereum will

move in the same directional trend.

Regarding Ethereum

it has fallen about 30% in this drop, but

on the contrary,

a surprising result shows that large holders have increased.

If we assume large holders of Ethereum range from 35 million to 350 million yen,

they have increased, according to the survey.

https://cointelegraph.com/news/number-of-ether-whales-increases-during-30-price-drop

This means that investors waited for Ethereum to drop and then invested,

and this has brought the balance in accounts to over 35 million yen, counting them as big investors.

【BitFlyer scam-like spread?】

There are reports on Twitter that BitFlyer’s NEM price is not appropriate.

In reality, the purchase price for NEM is 16.255 yen

and the sale price is 11.088 yen.

This 5-yen difference creates a price gap of about 50%.

At that time, NEM’s price was not publicly disclosed, but it was probably about 13.6 yen.

If you try to buy 1 billion XEM of NEM, it would cost 1,625,500,000 yen because you would need 16.255 yen per NEM on BitFlyer, while the real price is around 13 yen.

If you buy a small amount, it might seem okay, but

buying 100 million XEM would cost 16.255 million yen.

But the actual price is 13 yen.

Originally, it would be around 136 million yen, but with BitFlyer, you must pay about 24 million yen more to buy.

(24 million yen is BitFlyer’s fee.)

From BitFlyer’s perspective, since they display the purchase price, they might say it isn’t a scam,

but since the actual amount isn’t shown on the purchase screen,

beginners may think 16 yen is NEM’s price.

BitFlyer always shows that the price is not at an appropriate level, but

when price volatility is high, this situation can occur, so caution is necessary.

Therefore, when purchasing currencies, you must

carefully compare market prices with the price on the exchange you are buying from.

The difference in price becomes the exchange’s profit.

The concept of spread is

in this case

(16.25 - 11.08)/2 = 2.58

2.58+11.08 = 13.67 yen

is the market price at that time.

That is, 2.58 yen is about 19% as a fee, which is enormous.

One-way 19% means that round-trip buying and selling would be

38% in fees.

If you invest 1,000,000 yen, 380,000 yen would be fees.

…

It’s a system error, so I don’t know whether it’s intentional, but it looks a little too risky.

【Binance Launchpad release】

This service is Binance’s

designated period to deposit specified cryptocurrencies

to earn interest and receive new cryptocurrency as a reward.

This timeBNB and

other Binance coins

are deposited to receive Bella for one month.

The more you invest, the less each person’s share will be.

A friend of mine is going to deposit 13,000,000 yen of

BNB to receiveBella

...

The Bella earned as interest will be distributed from the total supply of

5% of the total supply.

There is also a possibility that Binance will issue

Bella again through an IEO later,

so holding Bella at the Launchpad and in the IEO might

increase profits when Bella’s price rises.

Binance Launchpad

official site

https://www.binance.com/ja/support/articles/372ac176ec224df7bb53654861555ac3

*The official site is in English,

so please use Google Chrome translation.

Binance features and reputation

https://bitcoin-newstart.com/binance-exchange-register

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